Friday, February 9, 2018

Mod: There used to be this guy that would show up on this site who, no matter how badly it would be going nationally that day, would talk about how wonderful things are with his investments. We haven't seen him much lately. So here's my question. When do those who write articles like the one below shift from talking about a "correction" to that of a full on red eyed bull goose run amuck panic? We have got to be close to that.

Dow plummets 1032 points, now down 10% from record; S&P 500 drops 3.7% to new low for week (CNBClink): Stocks fell sharply on Thursday as strong earnings and economic data were not enough to quell jitters on Wall Street about higher interest rates.

The Dow Jones industrial average closed 1,032.89 points lower at 23,860.46, entering correction territory. The 30-stock index also closed at its lowest level since Nov. 28. The Dow is also on track to post its biggest weekly decline since October 2008.

"This whole correction is really about rates. It's really about inflation creeping up. It's really about people thinking the Fed is either behind the curve or actually has to be more aggressive," Stephanie Link, global asset management managing director at TIAA, told CNBC's "Closing Bell."

"That fear, that unknown is really what's driving a lot of the anxiety," Link said.

This is the third drop for the Dow greater than 500 points in the last five days. Despite the decline Thursday, the average is still a ways from its low for the week hit on Tuesday of 23,778.74. American Express and Intel were the worst-performing stocks in the index, sliding more than 5.4 percent. J.P. Morgan Chase, meanwhile, was down by more than 4 percent.

The S&P 500 pulled back 3.75 percent to 2,581, reaching a new low for the week. The index also broke below its 100-day moving average and closed under 2,600, two important thresholds. For the S&P 500, it is its third drop of greater than 2 percent in the last five days.

The Nasdaq composite fell 3.9 percent to close at 6,777.16 as Facebook, Amazon and Microsoft all fell at least 4.5 percent.

"The market is focused on higher interest rates right now," said Kate Warne, investment strategist at Edward Jones. "The underlying fundamentals are going to drive stocks higher, but I think the path higher will be more volatile than it's been in the past few years."

The benchmark 10-year U.S. note yield rose to 2.88 percent before slipping to 2.848 percent Thursday, holding around multi-year highs. The initial move higher follows the release of strong jobless claims data. Weekly jobless claims hit a 45-year low, totaling 221,000. They fell from 230,000 in the previous week.Mod: Remember this. If things continue to worsen on the stock market, you can always shift your investments over to lottery tickets.

Military Times poll: Majority oppose Trump's military parade (The Hilllink): An informal Military Times poll found that a vast majority of the publication’s readers oppose the idea of a military parade in Washington, D.C.

The publication, an independent news source that covers the armed forces for service members and their families, published the results of its poll, which was launched on its website Wednesday. The poll asked readers “should there be a parade showing troops and military equipment in Washington, D.C.?”

Eighty-nine percent of Military Times readers responded by answering “No, it’s a waste of money and troops are too busy.” Just 11 percent responded by answering “Yes, it’s a great opportunity to show off U.S. military might.” The publication noted that more than 51,000 readers had voted in the poll as of Thursday afternoon.

Mod: 89%. Wow.The Tattler goes pulp

If you pick up a copy of The Sierra Madre Weekly from any of their conveniently located news racks downtown, you will notice that in the lower lefthand corner there is a section dedicated to TheSierra Madre Tattler. I now have a weekly opinion piece there. Quite happy about that. The column will be appearing weekly in the Pasadena Independent as well. It's a regular media blitz out there.

46 comments:

Trump had his parade, but he didn't even know it: July 4, 2017. That parade (is small segmentations nationwide) is the equivalent to the Paris Bastile Day parade. Yes, we all know that for Trump to know this he would have to know history and alas that ain't happening anytime soon.

The justification for adding a trillion dollars of government debt this year is that the tax cuts involved would stimulate the economy and make up the balance. This was almost immediately followed by a stock market crash caused by rising interest rates driven by the government borrowing a trillion dollars. Is this what America becoming great again was supposed to look like?

Congratz on the pulp written word contribution in the Pasadena Weekly.I have always enjoyed your finesse with the pen, at times I disagree with your opinions, but that makes the exchange of thought even more provoking.Post Script: the Market has only recorrected itself and the losses amount to the gains seen from over this last year. No big deal. This economy is growing and the market is showing growing pains. Still a very good time to buy and not sell off.

Of the Trumpians out there who still support the Nutcase in the White House, how can you justify a Russia/North Korea type parade costing how much? If that doesn't scare you, then POTUS might as well shoot someone on Fifth Avenue, and get away with it. He's done pretty much everything else.

Why hasn't there been an impeachment yet? Trump is not merely an immoral, thieving, dishonest pathlogical liar but he is also dangerous because of his dementia. He is a narcissist of the worse kind and believes the world revolves around him. He has bragged about having the nuclear button at his finger tips thus provoking that other maniac in North Korea, brags about his abuse of women and p..... grabbing and yet we continue to allow him to run the country! What is wrong with us?

I know! I ask the same question every day. It seems like we are living in an alternate zombie universe and people are not hearing and seeing what's going on. I actually hoped the stock market volatility this week would wake these people up, but his approval ratings continue to rise...

84% of all stocks owned by Americans belong to the wealthiest 10% of households

“For the vast majority of Americans, fluctuations in the stock market have relatively little effect on their wealth, or well-being, for that matter,” said Edward N. Wolff, an economist at New York University who recently published new research on the topic."

Totally off the subject,but I received a second library questionnaire yesterday in the mail a green colored card. It said on it it was my second chance and should fill it out if I failed to respond previously and destroy if I previously responded?? Odd

The biggest losers: The biggest companies in the world -- in both developed and emerging markets -- lost $5.2 trillion in market capitalization since recent market peaks at the end of January, according to S&P Dow Jones Indices estimates.http://money.cnn.com/2018/02/09/investing/stock-markets-biggest-losers/index.html

Send in both library cards, remember a tree gave up its life to make that survey possible. The survey group will just toss the redundant votes; kinda like city hall did with the residents 218 water metered votes. Every vote counts!

Real Clear Politics, which averages all polls on a daily basis, has Trump at 41% approval, 54% disapproval. Be interesting to see how the stock market crash affects the Tangerine Nightmare's numbers since that had been up until now just about his only positive achievement.

According to polls, Trump is very popular with enlisted troops, especially Marines.This poll was an online poll and the trolls from DU (Democratic Underground) swarmed it.

Trump is the greatest president in US history and will be overwhelmingly re-elected.

You seem incapable of understanding when he is joking (like when he said failing to stand was treason) and every time you over react you look like an idiot (which is why Trump does it).

You're being relentlessly trolled by a Galactic overlord level master at trolling (trump) and you fall for it every time.

Now Trump will say he wanted a military parade to honor our military but the democrats didn't want to honor our military. They fall for it every time which is why Trump's election was such a shock for them.

Off topic, but it's the Tattler. The newest addition of the SM City Newsletter out of city hall once again does not have the current list of planning projects.That was a very helpful list that you could access every week, just to keep tabs on things.Now it's not a feature anymore. That's a loss for the residents.

Do the residents really care? No. No one attends city council meetings.The Dirts are working on Kersting Court now.Very little is unique to this village, the busy with personal scheduled residents that cant find time to attend city council meetings, have allowed this to take place.Same old, same old.

The existing city council is doing such a good job in preservation that we haven't had to fill the chambers. It's a welcome state when representative government works.And when the issues heat up, as they did with the library, or water bill penalties, people show up.

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Quotes On Government

"During times of universal deceit, telling the truth becomes a revolutionary act." - George Orwell

"What we call civilized society is in reality a vast insane asylum held together at the points of guns." - Vito Caporale

"In our civilization, and under our form of government, intelligence is so highly honored that it is rewarded by exemption from the cares of office." - Ambrose Bierce

"It is better to deserve honors and not have them than to have them and not deserve them." - Mark Twain

"I would rather lose in a cause that will someday win, than win in a cause that will someday lose." - Woodrow Wilson

"The single most exciting thing you encounter in government is competence, because it's so rare." - Daniel P. Moynihan

"There's no trick to being a humorist when you have the whole government working for you." - Will Rogers

"My experience in government is that when things are non-controversial and beautifully coordinated, there is not much going on." - John F. Kennedy

"Ask not what the government can do for you. Ask why it doesn't. - Gerhard Kocher

"The best minds in government? If any were, business would hire them away." - Ronald Reagan

"Government is not the doctor. It is the disease." - H.S. Ferns

"A patriot must always be ready to defend his country against his government." - Edward Abbey

"Every decent man is ashamed of the government he lives under." - Henry Luis Mencken

"The best argument against democracy is a five minute conversation with the average voter." - Winston Churchill

"The most important political office is that of private citizen." - Louis Brandeis

"Democracy consists of choosing your dictators, after they've told you what it is you think you want to hear." - Alan Coren

"You don't pay taxes - they take taxes." - Chris Rock

Readings

"Take stock of those around you and you will ... hear them talk in precise terms about themselves and their surroundings, which would seem to point to them having ideas on the matter. But start to analyse those ideas and you will find that they hardly reflect in any way the reality to which they appear to refer, and if you go deeper you will discover that there is not even an attempt to adjust the ideas to this reality. Quite the contrary: through these notions the individual is trying to cut off any personal vision of reality, of his own very life. For life is at the start a chaos in which one is lost. The individual suspects this, but he is frightened at finding himself face to face with this terrible reality, and tries to cover it over with a curtain of fantasy, where everything is clear. It does not worry him that his 'ideas' are not true, he uses them as trenches for the defense of his existence, as scarecrows to frighten away reality." - Jose Ortega y Gasset

"Life is not a problem to be solved, but a reality to be experienced." - Soren Kierkegaard

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